Markets may become less frenetic now the initial Trump phase is over – but that doesn’t mean they get more stable. News flow and data will continue to show a world changing swiftly, where crisis stemming from US assets (watch Treasuries like a hawk), remains a high probability.

There has been much noise about the potential impact on global supply chains due to the shipping attacks in the Red Sea. There are imposing significant costs and delays – but are not as critical as many fear. Financing global trade is one of the oldest businesses in markets – and produces dull, boring predictable returns. What’s not to like…